Southside Community Optimal Redevelopment Enterprise (SCORE) was awarded $45 million in New Markets Tax Credits (NMTC) from the U.S. Department of the Treasury’s Community Development Financial Institutes (CDFI) Fund in the 2017/2018 distribution round. With this award, SCORE will continue to support the revitalization of distressed and low-income communities in Illinois and Indiana by providing capital to qualifying businesses and projects. Since its founding by controlling entity, McCaffery Interests, SCORE has received $150 million in NMTCs over four awards.
“SCORE is honored to be recognized again by the CDFI Fund for the development support and job growth we are able to provide with the NMTCs. This new award allows us to support the addition of accessible childcare, education, healthcare, operating businesses, and fresh food options in needed areas across Illinois and Indiana,” said Angela Woolfolk, SCORE’s Executive Director.
The CDFI Fund allocates tax credit authority to CDEs to offset the perceived or real risk of investing in distressed and low-income communities. In exchange for investing in qualified projects within these communities, investors claim a credit against their federal income tax. CDFI funds are distributed each year through a competitive application process; in 2017, 230 CDEs applied for allocations and 73 (32%) received awards totaling $3.5 billion. Only three Illinois-based CDEs received an allocation, including SCORE!
The mission of SCORE is to invest NMTCs in operating businesses, community facilities (education and healthcare), and fresh food anchored retail that will provide living wage jobs in communities that have experienced the loss of skilled employment opportunities, growing levels of lower education achievement, and a lack of adequate access to goods and services. In 2017 alone, SCORE awarded $23 million to support development of a new charger high school and a 46,800-square-foot trauma center on Chicago’s south side, and a community center offering job training and educational services in Lafayette, Indiana.
SCORE’s controlling entity, McCaffery Interests, was founded in 1990 with a mission to transform urban neighborhoods in ways that inspire community, create opportunities and foster the ideals of smart growth. McCaffery has completed and managed projects in excess of 20 million square feet and more than $2 billion in value through its urban revitalization efforts. SCORE was created to further support this mission.
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